Price for Spices; Mace, Crushed or Ground in the UK - 2023

Contents:

1. Price for Spices; Mace, Crushed or Ground in the UK (CIF) - 2023
2. Price for Spices; Mace, Crushed or Ground in the UK (FOB) - 2022
3. Imports of Spices; Mace, Crushed or Ground in the UK
4. Exports of Spices; Mace, Crushed or Ground in the UK

Price for Spices; Mace, Crushed or Ground in the UK (CIF) - 2023

The average import price for spices; mace, crushed or ground stood at $17,862 per ton in August 2023, increasing by 58% against the previous month. Over the period under review, import price indicated a notable expansion from August 2022 to August 2023: its price increased at an average monthly rate of +2.7% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, spices; mace, crushed or ground import price decreased by -18.5% against April 2023 indices. Over the period under review, average import prices hit record highs at $26,856 per ton in December 2022; however, from January 2023 to August 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In August 2023, the country with the highest price was Spain ($31,026 per ton), while the price for Italy ($5,723 per ton) was amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Indonesia (+9.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Spices; Mace, Crushed or Ground in the UK (FOB) - 2022

In 2022, the average export price for spices; mace, crushed or ground amounted to $22,317 per ton, dropping by -1.6% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The growth pace was the most rapid in 2020 when the average export price increased by 50% against the previous year. Over the period under review, the average export prices hit record highs at $33,731 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($29,551 per ton), while the average price for exports to Romania ($18,561 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spices; Mace, Crushed or Ground in the UK

In 2022, after three years of growth, there was significant decline in purchases abroad of spices; mace, crushed or ground, when their volume decreased by -26.4% to 115 tons. In general, imports recorded a noticeable setback. The growth pace was the most rapid in 2021 when imports increased by 24% against the previous year. As a result, imports reached the peak of 156 tons, and then fell notably in the following year.

In value terms, spices; mace, crushed or ground imports shrank notably to $2M in 2022. Over the period under review, total imports indicated a measured expansion from 2019 to 2022: its value increased at an average annual rate of +2.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 33% against the previous year.

Top Suppliers of Spices; Mace, Crushed or Ground to the UK in 2022:

1. Indonesia (59.1 tons)
2. Italy (23.6 tons)
3. Vietnam (21.7 tons)
4. Spain (6.4 tons)
5. Netherlands (2.3 tons)

Exports of Spices; Mace, Crushed or Ground in the UK

In 2022, exports of spices; mace, crushed or ground from the UK dropped rapidly to 6.1 tons, waning by -33.8% on the previous year's figure. Overall, exports showed a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 120%. As a result, the exports reached the peak of 9.1 tons, and then dropped significantly in the following year.

In value terms, spices; mace, crushed or ground exports contracted remarkably to $135K in 2022. Over the period under review, exports, however, posted a measured expansion. The pace of growth was the most pronounced in 2021 with an increase of 97%. As a result, the exports reached the peak of $208K, and then shrank rapidly in the following year.

Top Export Markets for Spices; Mace, Crushed or Ground from the UK in 2022:

1. Netherlands (4.2 tons)
2. Spain (0.6 tons)
3. Ireland (0.5 tons)
4. Romania (0.4 tons)
5. Germany (0.4 tons)

Source: IndexBox Market Intelligence Platform